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TMI Blog2009 (4) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... el Mr. K.I. Shah, appearing for the petitioner' submitted that proviso which insists pre-deposit of any amount for entertaining an appeal is not in consonance with the object and purpose of the Act, which makes remedy of appeal illusory. Learned Counsel submitted that such a stipulation is oppressive and onerous. Counsel further submitted that secured assets or its management with transferable interest has already been taken over by the secured creditor and it is under its control and therefore, there is no reason to insist for payment of any amount as a condition precedent for filing appeal. Learned Counsel further submitted that secured creditor can only proceed against secured assets and after having taken control of the secured asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel also submitted that there are similar provisions in many other enactments, the validity of those provisions have been upheld by the Apex Court. Reliance was also placed on the decision of the Delhi High Court in R.V. Saxena v. Union of India AIR 2006 Delhi 96, in which the Division Bench has upheld validity of the Second proviso, to Section 18(1) of the Securitization Act. 4. We heard learned Counsel for either side at great length and we find unable to accept the arguments of the petitioner that second proviso to Section 18(1) of the Securitization Act has effect of creating a discrimination, and it is offensive to the principle of equality enshrined under Article 14 of the Constitution of India. For easy reference, we may extract ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d prior to the Amendment Act of 2004 reads as under: 18. Appeal to the Appellate Tribunal: (1) Any person aggrieved by any order made by the Debts Recovery Tribunal under Section 17 may prefer an appeal to the Appellate Tribunal within thirty days from the date of the receipt of the order of Debts Recovery Tribunal. (2) Save as otherwise provided in this Act, the Appellate Tribunal shall, as far as may be dispose of the Appeal in accordance with the provisions of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (51 of 1993) and rules made thereunder. 5. Right of appeal is a creature of the statute. Legislature can impose conditions under which it is to be exercised. Without a statutory provision cre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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